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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil prices inch higher on bullish oil inventory report

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 05 Apr 2018 08:40 GMT

After a volatile day, oil prices inch higher on bullish oil inventory report from the Energy Information Administration (EIA)

Yesterday's weekly EIA oil inventory report confirmed Tuesday's oil stocks data from the American Petroleum Institute with a draw in crude oil stocks (4.6 mio. versus expectations of a build of 1.4 mio. barrels). Distillates increased slightly while gasoline stocks fell; all in all relatively bullish report.

OPEC oil production in March is down 90,000 barrels compared to last month, to 32.19 mio. barrels per day, the lowest since April 2017. This also means that the organisation's compliance to the current oil production cut deal is a whopping 159% (154% in February). Main contributors of the decline are allegedly Angola, Libya and Venezuela.

Financial markets are still holding their breath as two of the world's largest economies seem on the verge of a trade war. Today sees Eurozone and UK Services PMIs for March along with EU retail sales. Holiday in China and Hong Kong today, Tomorrow, the U.S. nonfarm payrolls and unemployment rate could potentially stir some additional volatility in the markets.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






Related Links:

OPEC oil production decline, oil stocks data ahead
A/S Global Risk Management Ltd.

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